financial-statement-analyzer

Compare original and translation side by side

🇺🇸

Original

English

🇨🇳

Translation

Chinese

Financial Statement Deep Dive

财务报表深度分析

Act as a forensic financial analyst. Perform comprehensive analysis of a single company's financial statements to evaluate earnings quality, financial health, fraud risk indicators, and operational efficiency.

担任司法财务分析师，对单一公司的财务报表进行全面分析，以评估盈利质量、财务健康状况、欺诈风险指标和运营效率。

Workflow

工作流程

Step 1: Identify the Target

步骤1：确定分析目标

Confirm with the user:

Company — Ticker or name
Time period — Default: most recent 5 years (20 quarters)
Focus areas — Full analysis (default) or specific focus (earnings quality, fraud risk, working capital, etc.)
Comparison — Key competitor(s) for benchmarking (optional)
Data source — SEC filings (10-K, 10-Q) as primary source

与用户确认以下信息：

公司 — 股票代码或名称
时间范围 — 默认：最近5年（20个季度）
重点领域 — 全面分析（默认）或特定重点方向（盈利质量、欺诈风险、营运资金等）
对比对象 — 用于基准对比的主要竞争对手（可选）
数据来源 — 以SEC文件（10-K、10-Q）为主要来源

Step 2: Profitability Decomposition

步骤2：盈利能力分解

Perform 5-factor DuPont analysis. See references/analysis-methodology.md for formulas.

ROE = Tax Burden × Interest Burden × Operating Margin × Asset Turnover × Equity Multiplier

Component	Formula	What It Reveals
Tax burden	Net income / Pre-tax income	Tax efficiency
Interest burden	Pre-tax income / EBIT	Debt cost impact
Operating margin	EBIT / Revenue	Operational efficiency
Asset turnover	Revenue / Total assets	Asset utilization
Equity multiplier	Total assets / Equity	Financial leverage

Track each component over 5 years to identify what is driving ROE changes.

执行五因素DuPont分析。公式请参考references/analysis-methodology.md。

ROE = Tax Burden × Interest Burden × Operating Margin × Asset Turnover × Equity Multiplier

组成部分	计算公式	揭示内容
税负	净利润 / 税前利润	税务效率
利息负担	税前利润 / EBIT	债务成本影响
营业利润率	EBIT / 营业收入	运营效率
资产周转率	营业收入 / 总资产	资产利用率
权益乘数	总资产 / 股东权益	财务杠杆水平

跟踪各组成部分过去5年的变化，找出ROE变动的驱动因素。

Step 3: Earnings Quality Assessment

步骤3：盈利质量评估

Evaluate whether reported earnings reflect genuine economic value:

Test	What It Measures	Red Flag Threshold
Accruals ratio	Non-cash earnings proportion	> 10% of total assets
Cash conversion	Operating cash flow / Net income	< 0.8 persistently
Revenue recognition	Revenue growth vs receivables growth	Receivables growing faster
Deferred revenue	Trend in deferred revenue	Declining (front-loaded revenue)
Non-recurring items	One-time gains/charges frequency	"Non-recurring" items every year
Change in estimates	Depreciation, reserves, assumptions	Consistently income-boosting changes

评估报告收益是否反映真实的经济价值：

测试项目	衡量内容	预警阈值
应计比率	非现金收益占比	超过总资产的10%
现金转化率	经营活动现金流 / 净利润	持续低于0.8
收入确认	营收增长与应收账款增长对比	应收账款增长更快
递延收入	递延收入趋势	持续下降（营收提前确认）
非经常性项目	一次性收益/支出的发生频率	每年都存在“非经常性”项目
估计变更	折旧、准备金、假设条件的变更	持续做出增加收益的变更

Step 4: Financial Health Scoring

步骤4：财务健康评分

Calculate composite financial health indicators:

Model	Purpose	Components
Altman Z-Score	Bankruptcy prediction	Working capital, retained earnings, EBIT, market cap, sales — all relative to total assets
Piotroski F-Score	Financial strength	9 binary signals across profitability, leverage, and efficiency
Beneish M-Score	Earnings manipulation detection	8 variables measuring anomalies in financial data

See references/analysis-methodology.md for detailed formulas and interpretation.

计算综合财务健康指标：

模型	用途	组成要素
Altman Z-Score	破产预测	营运资金、留存收益、EBIT、市值、销售额 — 均与总资产的比值
Piotroski F-Score	财务实力评估	涵盖盈利能力、杠杆水平和效率的9个二元信号
Beneish M-Score	收益操纵检测	衡量财务数据异常的8个变量

详细公式和解读请参考references/analysis-methodology.md。

Step 5: Working Capital Analysis

步骤5：营运资金分析

Examine operational efficiency through the cash conversion cycle:

Metric	Formula	What It Reveals
DSO (Days Sales Outstanding)	(Receivables / Revenue) × 365	Collection efficiency
DIO (Days Inventory Outstanding)	(Inventory / COGS) × 365	Inventory management
DPO (Days Payable Outstanding)	(Payables / COGS) × 365	Payment practices
Cash Conversion Cycle	DSO + DIO − DPO	Working capital efficiency

Track trends over 5 years and compare to peers.

通过现金转换周期分析运营效率：

指标	计算公式	揭示内容
DSO（应收账款周转天数）	(应收账款 / 营业收入) × 365	收款效率
DIO（存货周转天数）	(存货 / 营业成本) × 365	存货管理水平
DPO（应付账款周转天数）	(应付账款 / 营业成本) × 365	付款策略
现金转换周期	DSO + DIO − DPO	营运资金使用效率

跟踪过去5年的趋势并与同行对比。

Step 6: Balance Sheet Risk Assessment

步骤6：资产负债表风险评估

Identify off-balance-sheet and hidden risks:

Risk Area	What to Check
Goodwill / Intangibles	Size relative to equity; impairment risk
Operating leases	Off-balance-sheet obligations (pre-ASC 842)
Pension obligations	Funded status, discount rate assumptions
Contingent liabilities	Litigation, guarantees, commitments
Variable interest entities	Unconsolidated entities
Share-based compensation	Dilution impact
Debt maturity profile	Near-term maturities vs cash/refinancing capacity

识别表外和隐藏风险：

风险领域	核查内容
商誉/无形资产	相对于股东权益的规模；减值风险
经营租赁	表外义务（ASC 842准则之前）
养老金义务	资金到位情况、折现率假设
或有负债	诉讼、担保、承诺事项
可变利益实体	未合并实体
基于股份的薪酬	股权稀释影响
债务到期结构	短期到期债务与现金/再融资能力的对比

Step 7: Segment Analysis

步骤7：分部分析

Break down performance by business segment:

Revenue and growth by segment
Operating margin by segment
Capital intensity by segment
Identify which segments drive value and which destroy it
Cross-subsidization between segments

按业务分部拆解业绩表现：

各分部的营收及增长情况
各分部的营业利润率
各分部的资本密集度
识别创造价值和毁损价值的分部
分部间的交叉补贴情况

Step 8: Peer Benchmarking

步骤8：同行基准对比

Compare key metrics against 2–3 direct competitors:

Metric Category	Metrics
Profitability	Gross margin, operating margin, net margin, ROE, ROIC
Efficiency	Asset turnover, inventory turnover, receivables turnover
Leverage	Debt/equity, interest coverage, net debt/EBITDA
Valuation	P/E, EV/EBITDA, P/FCF, PEG
Growth	Revenue CAGR, EPS CAGR, FCF CAGR

与2-3家直接竞争对手对比关键指标：

指标类别	具体指标
盈利能力	毛利率、营业利润率、净利润率、ROE、ROIC
运营效率	资产周转率、存货周转率、应收账款周转率
杠杆水平	债务权益比、利息保障倍数、净债务/EBITDA
估值水平	P/E、EV/EBITDA、P/FCF、PEG
增长能力	营收CAGR、EPS CAGR、FCF CAGR

Step 9: Synthesize and Present

步骤9：整合与呈现

Compile findings per references/output-template.md:

Company Overview — Business summary and key metrics
DuPont Decomposition — 5-year ROE driver analysis
Earnings Quality Report — Accruals, cash conversion, red flags
Financial Health Scores — Z-Score, F-Score, M-Score with interpretation
Working Capital Analysis — CCC trend and peer comparison
Balance Sheet Risk Map — Hidden risks and off-balance-sheet items
Segment Analysis — Value drivers and detractors
Peer Comparison — Benchmarking table
Overall Assessment — Synthesis of bull/bear case from financial perspective
Disclaimers

按照references/output-template.md整合分析结果：

公司概况 — 业务摘要及关键指标
杜邦分解分析 — 5年ROE驱动因素分析
盈利质量报告 — 应计项目、现金转化率、预警信号
财务健康评分 — Z值、F值、M值及解读
营运资金分析 — 现金转换周期趋势及同行对比
资产负债表风险图谱 — 隐藏风险及表外项目
分部分析 — 价值驱动与毁损因素
同行对比 — 基准对比表
整体评估 — 从财务角度整合多空观点
免责声明

Data Enhancement

数据增强

For live market data to support this analysis, use the FinData Toolkit skill (

findata-toolkit-us

). It provides real-time stock metrics, SEC filings, financial calculators, portfolio analytics, factor screening, and macro indicators — all without API keys.

如需实时市场数据支持本次分析，请使用FinData Toolkit技能（

findata-toolkit-us

）。它提供实时股票指标、SEC文件、财务计算器、投资组合分析、因子筛选和宏观经济指标 — 无需API密钥即可使用。

Important Guidelines

重要指南

Read the footnotes: The most important information in financial statements is often in the footnotes. Flag any unusual accounting policies, related-party transactions, or significant estimates.
Trends matter more than levels: A declining operating margin is more concerning than a low-but-stable one. Always emphasize directional changes.
Context is essential: A high debt/equity ratio means different things for a utility vs a tech company. Always interpret metrics within industry context.
Complement, don't replace, valuation: This skill assesses financial quality, not whether the stock is a buy or sell. Direct valuation questions to the appropriate screening skills.
GAAP vs non-GAAP: Many companies report "adjusted" earnings that exclude stock-based compensation, restructuring, and other real costs. Always anchor to GAAP, then discuss adjustments.
Not an audit: This is analytical review, not a professional audit. It cannot detect sophisticated fraud or verify data accuracy.

阅读附注：财务报表中最重要的信息通常在附注里。标记任何异常的会计政策、关联方交易或重大估计。
趋势比绝对值更重要：营业利润率持续下降比低但稳定的情况更值得关注。始终强调变化方向。
语境至关重要：高债务权益比对公用事业公司和科技公司的意义完全不同。始终结合行业背景解读指标。
补充而非替代估值：本技能仅评估财务质量，不判断股票是否值得买卖。估值相关问题请使用对应的筛选技能。
GAAP与non-GAAP：许多公司会报告“调整后”收益，剔除基于股份的薪酬、重组及其他实际成本。始终以GAAP数据为基础，再讨论调整项。
非审计服务：本分析属于分析性复核，而非专业审计。无法检测复杂欺诈行为或验证数据准确性。